Bitcoin Cash Price Technical Analysis – BCH/USD Buyers in Control

Key Points

Bitcoin cash price is stable and in a major uptrend above $3200 against the US Dollar.

Yesterday’s highlighted connecting bullish trend line with current support at $3400 is intact on the hourly chart of BCH/USD (data feed from Kraken).

The pair might resume its uptrend sooner or later once the current correction is over at $3400.

Bitcoin cash price remains in a major uptrend against the US Dollar. BCH/USD has to stay above $3400 in order to break the $4000 level.

Bitcoin Cash Price Rise

There were heavy gains in bitcoin cash price above $3000 recently against the US Dollar. The price traded to a new all-time high at $3997 before it faced yet another batch of sellers. A correction wave was initiated from the $3997 high and the price moved below the $3800 support. There was also a break below the 50% Fib retracement level of the last wave from the $2780 low to $3997 high.

However, the downside wave was protected by the $3200 support. Moreover, yesterday’s highlighted connecting bullish trend line with current support at $3400 acted as a barrier on the hourly chart of BCH/USD. The trend line along with the $3200 pivot acted as a major support and stopped further downsides. Additionally, the 61.8% Fib retracement level of the last wave from the $2780 low to $3997 high also prevented declines. The pair is now moving back higher and is currently above the $3400 support.

BCH buyers need to make sure that the price stays above $3400 for a push towards the $4000 level. On the other hand, a close below the trend line support and $3200 could ignite more declines toward $3000.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now slightly in the bearish zone.